Tag Archives: Generally Accepted Accounting Principles

Proposes Separate Standards Board and GAAP with Exceptions Norwalk, CT, (December 10, 2010) — The blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements continued its discussion today of a potential new standard-setting board for private companies, reaffirming a consensus view reached in October that…

Norwalk, CT, October 8, 2010—A majority of the blue-ribbon panel addressing how U.S. accounting standards can best meet the needs of users of private company financial statements believes there is a need for a new standard-setting model that follows Generally Accepted Accounting Practices (GAAP) with exceptions for private companies. In addition, the majority envisions a…

April 27, 2009 During the past several years, the move toward a single set of high quality, globally accepted accounting standards has gained momentum. For example, in 2005 the European Union began requiring companies incorporated in its member states whose securities are listed on an EU-regulated stock exchange to prepare their consolidated financial statements in accordance…